Individual Retirement Account
Do something good for your future with a Heritage Oaks Bank IRA
An IRA from Heritage Oaks Bank is one of the best ways to realize tax-advantaged savings while supplementing your other retirement income sources. It's an option for individuals1 already saving for their retirement and desiring the advantages of a tax-deferred savings vehicle.
- For 2016 and 2017, you can contribute up to a maximum of $5,500 (or $11,000 if filing jointly with spousal IRA) per year
- At age 50 or older, you can contribute an additional $1,000 (or $2,000 if filing jointly with spousal IRA) per year
- All you need is an earned income equal to the amount you contribute
- IRA CDs are available in various terms with an minimum opening deposit of $1,0002
- IRA savings accounts are available with an minimum opening deposit of $100
- Low $25 annual fee and $25 dollar transfer or roll over fee for IRA savings and IRA CD accounts
- Account closure fee of $25
- Harness the power of compound earnings by deferring tax payments until retirement
- Pay taxes on your investments when you retire and your tax rate might be lower
- IRA contributions may be tax deductible the year the contribution is made; please consult
with the IRS or your tax advisor for further information
To learn more about our Individual Retirement Account, visit a Financial Services Representative at any of our Central Coast locations, or call us at 805.369.5200.
- See Fee Schedule and Truth in Savings Disclosure for additional fees, charges, terms and conditions that may apply to your account.
- Each individual should consultant their tax professional for complete tax information including treatment of their IRAs.
- 1 You must be under age 70-1/2 in the contribution year to contribute. Maximum yearly contribution amounts apply; see a Finacial Service Representative for more information.
- 2 Minimum balance to obtain APY and open account is $1,000. A penalty will be imposed for early withdrawal.